The cryptocurrency market has experienced a downturn over the past 24 hours, with both total market capitalization (TOTAL) and Bitcoin (BTC) falling. This follows a period of relative stability, indicating a shift in sentiment. The downturn has also affected altcoins, with first-layer coin Aptos ( APT ) being the biggest loser in the market.
TOTAL falls to support level
The total cryptocurrency market cap is showing red candles on the chart today as the combined value of all cryptocurrencies fell by $101 billion. The total market cap is currently at $3.54 trillion, hovering just above the $3.48 trillion support level.
Declining bullish pressure across the cryptocurrency market is reflected by TOTAL’s negative Balance of Power (BoP). The indicator, which measures the strength of buyers versus sellers in a particular market over a specific period, is below zero at -0.73 at press time.
When the BoP of an asset is negative, it indicates that selling pressure is greater than buying pressure, indicating bearish market sentiment. If selling activity increases, Total could test the $3.48 trillion support level. If this support level fails to hold, Total could fall further to $3.25 trillion.
Cryptocurrency market capitalization analysis.
On the other hand, a revival in buying pressure could push Total shares to a new all-time high of $3.73 trillion.
Bitcoin Could Fall Below $100,000 If Sell-off Continues
Leading currency Bitcoin is trading at $103,613, with a 3% drop in price over the past 24 hours. Its current value is down 4% from its all-time high of $108,353 reached during the intraday trading session on December 17.
Bitcoin must convert this new price peak into a support floor in order to continue its upward trend. A successful breakout above this price level could propel Bitcoin to new all-time highs, potentially even above the coveted $110,000 mark.
Bitcoin price analysis.
However, a failure to break through this resistance could lead BTC price to fall to the next major support level at $95,651.
Aptos leads the market decline
APT has been trending upward over the past week, attempting to reclaim multi-month highs of $15.33. However, this trend has reversed over the past 24 hours as the layer-one token has lost 10% of its value, becoming the market’s biggest loser. If the downtrend continues, APT’s price will drop to $11.12.
APT price analysis.
On the other hand, if the uptrend resumes, the price of APT could break the $12.97 resistance and attempt to revisit its nine-month high of $15.33.
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